About Time

Bid to Revoke Bernie's Bail

Alleged schemer gave out cufflinks and other gifts.

Bernard Madoff can't even give out presents without getting in trouble. This holiday season, Madoff and his wife shipped out $1 million worth of cufflinks, watches, and other personal property to family and friends, and federal prosecutors want him in jail for it. They claim that the gifts constitute a "dissipation of assets" that could harm investors trying to recoup their losses from investing with Bernie. "This is a man who should never have been out on bail," said Howard Kleinhendler, an attorney for a bilked investor. "He shouldn't be able to continue to communicate in an unfettered way to continue to move assets around." Ira Sorkin, Madoff's attorney, downplayed the prosecutor's request, explaining that some of the items were heirlooms.